Cyber is single biggest global risk, according to Brian Duperreault, president and CEO of AIG, speaking at PwC’s Insurance Summit in Bermuda.
He predicted Bermuda will play a leading role in developing improved cyber risk management tools. “Some kind of a cyber breakthrough has got to happen, and my bet is it happens here,” said Duperreault.
He also praised Bermuda’s role as an important jurisdiction for companies looking to get established quickly and deploy capital quickly, describing it as “a safe bet when you are forming a company”.
Bermuda will continue to survive if it continues to be “the innovative place for the market,” said Duperreault.
Meanwhile Nigel Frudd, CEO of Sompo International, said scale is “not the answer that conquers all”, arguing the industry is currently seeing a “breathing space” in terms of M&A.
Paul Brand, co-founder and deputy CEO of startup Convex Insurance, said small players may have the opportunity to adopt more modern technologies and react more quickly to opportunities that technology companies offer because they have a much more “blank sheet of paper to operate on”.
In its 14th year, PwC’s insurance forum was presented by the Financial Times and two of its journalists, along with PwC insurance leaders. Over 250 delegates – many from overseas - heard from chief executives of the world’s largest re/insurers as well as industry innovators and officials.
Andy Burrows, CEO of the Bermuda Business Development Agency said, “PwC is an important partner to the BDA and a significant contributor to Bermuda’s economy.”
AIG, Brian Duperreault, Nigel Frudd, Sompo International, Paul Brand, Convex, Andy Burrows, Bermuda Business Development Agency